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Student Finance: How to manage your money

13 March 2019 | Story Xolisa Mnukwa

financial savvy — Over 60% of South African students are in debt and spend more than the average South African adult.

For many students, university is their first money-management experience, and it is therefore crucial for them to prioritise basic personal-finance knowledge in order to avoid poor money management, and not knowing where their money is going.

Various other educational institutions, facilities, and initiatives such as Student Connections highlight student financial wellness as a topic of importance at higher-education institutions, because of the following reasons:

1. Low retention rates (university dropouts)
2. Loan default (graduating with student-loan debt)
3. Financial hardships affecting future success (low academic performance)

According to LinkedIn, a business and employment-oriented service, the spending and saving habits you develop in college are likely to stick with you throughout your adult life.

A personal finance study conducted by University of the Free State (UFS) Economics and Finance Lecturer, Cecile Duvenhage, revealed trends on how much students spend, and what they spend it on. Her outcomes discovered that students believe money buys them worthwhile experiences; it also revealed that over 60% of South African students are in debt, spending more than the average South African.

According to Duvenhage, the best way to optimise your use of money is to understand three things:

1. The psychology of money – relationship with money, your goals (reality, beliefs, perception, experiences, repeated messages)

2. The science of money – where is your money? What are you using it on, and how to make more (investing, savings, assets, liabilities, expenses, and income/pocket money)

3. The art of money – creating a financial game plan to stay afloat (knowledge, context, personal goals, game plan)

The Guardian website also highlights important tips for managing your money:

- If you’re struggling to manage your personal finances, ask for help. The earlier you get support, the less susceptible you are to overspend

- If you have financial aid, be sure to complete and send back your signed agreements in order to avoid delays in obtaining your money

- Add up your income, and then deduct all your essential expenses.

- Essential expenses include: tuition fees, rent/accommodation, electricity, and other accommodation expenses, groceries/food, and travel costs

The article, 6 common money management mistakes college students make, advises students to “live within your means, and [to] make choices based on the money that you have available.”

The article further recommends that students download a free, easy-to-use budgeting app such as Fudget: Budget Planner or Intuit Mint on their cellphones, which automatically creates a basic spending plan to personalise according to their means.

For enquiries or assistance with money management, contact finaid@ufs.ac.za

News Archive

Chemistry postgraduates tackle crystallography with eminent international researcher

2017-04-04

Department of Chemistry senior lecturer, Dr Alice Brink(left),
hosted outstanding researcher, Prof Elspeth Garman (right)
from the University of Oxford in England to present a
crystallography lecture.
Photo: Rulanzen Martin

“Crystallography forms part of everyday life.” This is according to Prof Elspeth Garman, eminent researcher from the Department of Biochemistry, University of Oxford in England, who was hosted by Dr Alice Brink, Department of Chemistry at the University of the Free State (UFS) Bloemfontein Campus. Prof Garman presented a lecture in the Department of Chemistry, titled ‘104 years of crystallography: What has it taught us and where will it lead’. She also taught the postgraduate students how to refine and mount protein structures in cold cryo conditions at about -173°C.

What is Crystallography?
Crystallography is the scientific technique which allows for the position of atoms to be determined in any matter which is crystalline.

“You cannot complete Protein Crystallography without the five key steps, namely obtaining a pure protein, growing the crystal, collecting the data, and finally determining the structure and atomic coordinates,” said Prof Garman. Apart from teaching, she was also here to mentor and have discussions with UFS Prestige Scholars on how to face academic challenges in the professional environment.

Discovery of the first crystal structure of a TB protein
Prof Garman successfully determined the first crystal structure of a Tuberculosis protein (TBNAT), a project that took about 15 years of research. In partnership with the Department of Pharmacology at Oxford University and an outstanding PhD student, Areej Abuhammad, they managed to grow only one TBNAT crystal, one-fiftieth of a millimetre. They also managed to solve the structure and publish it.

Dr Alice Brink, Senior Lecturer in the Department of Chemistry, says, “It’s an incredible privilege to have Prof Garman here and to have her share her wisdom and knowledge so freely with the young academics.”

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